Jeevan Umang is a unique and versatile policy from LIC that provides financial protection not just during the policyholder’s lifetime, but also continues to offer risk coverage and financial support even after the policy term ends. This policy offers both savings and protection with an increasing risk cover.
Key Features:
- Offers lifetime risk cover up to the age of 100, with benefits increasing as the policyholder ages.
- Pension option is available, ensuring regular income post-retirement.
- The policy provides lump-sum withdrawal facility after the policy term, adding to its flexibility.
- Participates in LIC’s profits through bonuses, helping policyholders build a significant corpus over time.
- The plan is structured to offer financial security to your family in case of death while providing for income replacement after the policy term.
Eligibility Criteria:
- Minimum Entry Age: 90 days
- Maximum Entry Age: 55 years
- Policy Term: 15 to 30 years
- Minimum Basic Sum Assured: ₹1,00,000
- Maximum Basic Sum Assured: No limit
- Maximum Maturity Age: 100 years
Benefits:
- Maturity Benefit:
On survival at the end of the policy term, the Sum Assured on Maturity, along with accrued bonuses, is paid as a lump sum. - Death Benefit:
In case of death during the policy term, the nominee receives the higher of:- The Basic Sum Assured
- 125% of the Total Premiums Paid (excluding extra premiums, if any)
Plus any accumulated bonuses.
In case of death after the policy term, but before the age of 100, the nominee will receive the Sum Assured on Death plus any bonuses accrued during the policy term.
- Pension Options:
Jeevan Umang allows policyholders to opt for a pension after the policy term. The pension continues for life, providing a steady source of income post-retirement. The pension options include monthly or quarterly payments. - Lump-Sum Withdrawal Facility:
The policy also provides a facility for partial withdrawals after the policy term, which can be used for various purposes, such as education or medical expenses.
Premium Payment Options:
- Premiums can be paid annually, semi-annually, or monthly (via ECS).
- The policy term and premium-paying term can be chosen according to your financial planning.
Bonuses:
- Simple Reversionary Bonuses are added annually during the policy term.
- A Final Additional Bonus may also be payable at the time of maturity or death, depending on the company’s performance.
Example Scenario:
Policyholder: Nandini
Age at Entry: 35 years
Policy Term: 20 years
Basic Sum Assured: ₹5,00,000
Annual Premium: ₹26,000 (approximate)
In Case of Death During the 10th Year:
- Nandini’s nominee will receive ₹5,00,000 (Basic Sum Assured) + Bonuses.
- Additionally, the nominee will receive accrued bonuses.
On Maturity (If Nandini Survives):
- On surviving the full 20-year term, Nandini will receive ₹5,00,000 (Basic Sum Assured) + accrued bonuses.
- After maturity, Nandini may opt for a monthly pension or withdraw the lump sum amount.
Loan Facility:
Loans can be availed against the policy after three years of premium payment. The loan amount will depend on the policy’s surrender value.
Exclusions:
- Suicide Clause: If the policyholder commits suicide within 12 months of the policy’s commencement or revival, only the premiums paid (excluding extra premiums) are refunded.
- Death due to hazardous activities like adventure sports may not be covered unless specified.
Why Choose Jeevan Umang?
Jeevan Umang is the perfect policy for those looking for long-term financial protection for their family, a pension plan post-retirement, and a lump-sum benefit. With a strong focus on both savings and risk coverage, it ensures that you can lead a comfortable life during your retirement years while ensuring that your family is financially secure in your absence.
Contact Us to Get Started:
Call/WhatsApp: +91 7036557621
Email: info@nalgondalic1969.in
Visit: Jeevan Jyothi Buildings, Beside Court, Nalgonda, 508001
Start your journey to a secure future with Jeevan Umang today!